Casey Statement After Tax Votes

Casey Statement After Tax Votes

WASHINGTON, DC—Following the defeat of two tax cut measures today, U.S. Senator Bob Casey (D-PA) released the following statement:

“Today, I voted for legislation that would extend tax cuts for all Pennsylvanians.  This legislation also included a continuation of expired unemployment insurance, a series of tax incentives that have created jobs in Pennsylvania like the R&D tax credit, the biodiesel tax credit which is essential to companies like Hero BX in Erie, the New Markets Tax Credit and the payroll tax credit known as the HIRE Act.  I also voted for permanent extensions of the enhanced Child Tax Credit and Earned Income Tax Credit and the expanded adoption tax credit that I included in the health care reform law, which place money back into the pockets of working people across the Commonwealth.

“There is a consensus to extend tax cuts for middle income families. We should pass the middle income tax cuts, renew the job creation tax cuts and preserve unemployment insurance.  We can then have a debate about the upper-income tax breaks without using middle-income families and those laid off through no fault of their own as political bargaining chips.  However, a long-term extension of tax cuts for upper income taxpayers, multi-millionaires and billionaires, is not fiscally responsible for one reason:  it adds hundreds of billions to the deficit without creating jobs or stimulating economic growth.

“In recent months, I spoke to both business owners and economists to get their views on how Congress should handle the expiring tax provisions.  What I learned is that certainty and consistency are needed when the economy is in such a fragile condition.  We must reach a compromise.  At most however, this might entail a short-term extension of upper-income tax cuts and other ideas that could bring certainty without unduly increasing the deficit.”

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December 7th, 2010 | Posted in Front Page Stories | No Comments